Gold Rates on Dec 2:
Gold prices in India continued to rise on December 2 as expectations about a possible interest rate cut by the US Federal Reserve grew stronger. For the last few days, both gold and silver have been moving upward in the market. Investors believe that the US Fed may soon reduce the benchmark interest rate, and this sentiment has increased demand for gold worldwide.
According to Good Returns, the price of 24-carat gold (10 grams) in India reached ₹1,30,490 on Tuesday morning at 6:30 AM. This is ₹680 more compared to yesterday’s price. The rate of 22-carat gold (10 grams) also increased and touched ₹1,19,610. Silver too showed a sharp jump, with 1 kg silver rising by ₹3,200 and reaching ₹1,88,100.
In the international market, gold prices also touched new highs. The price of 24-carat gold per ounce (31.10 grams) reached $4,241, which is about a 0.3% increase from the previous rate. This is the highest level recorded in the last six weeks. Silver prices also surged, with an ounce reaching $58.57, a rise of almost 3.8%. Experts say that even though global political tensions are reducing, gold continues to rise because central banks and large investors are purchasing it in large quantities.
Meanwhile, international reports say that there are mixed opinions within the US Federal Reserve about cutting interest rates. Out of the 12 members in the Federal Open Market Committee (FOMC), five are not in favour of a rate cut yet. However, three members from the Board of Governors are supporting the idea. Despite these differences, the market strongly believes that a rate cut will happen soon. Because of this, all eyes are now on the upcoming Federal Reserve meeting.
Gold and silver prices vary from city to city. Major cities like Chennai, Mumbai, Delhi, Kolkata, Hyderabad, Bengaluru, Ahmedabad, and Pune reported similar price levels for both 24-carat and 22-carat gold on December 2.
Prices may change at any moment, so buyers are advised to recheck rates before purchasing.
ALSO READ: Hyderabad Power Cut Today: Areas That Will Face Electricity Shutdown
Share
Top 15 Social Media Influencers Who Became Actors
Simple Tricks to Calm a Crying Baby, Recommended by Doctor
